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Insurnace Definitions for SuperHero's
Questions |
Answers |
1. This is the maximum amount of money you pay annually. This is important because it limits the total amount you pay each calendar year. |
Out of Pocket |
2. This is a fixed dollar amount that you pay before your health insurance starts to make payments for covered medical services. |
Deductible |
3. You may have to pay a percentage of medical expenses after the deductible amount is met. |
Coinsurance |
4. You pay a fixed dollar amount when a medical service is received. |
Copay |
5. This is the amount of money you pay for your insurance plan on a regular basis. If you purchase your own health insurance plan, you may have the option of paying your premium annually, quarterly o rper semester. |
Premium |
6. You would get lower out of pocket expenses because your insurance plan is contracted with your doctor or hospital. |
In Network |
7. You would have increased fees that you’ ll be responsible for since your doctor or hospital is not contracted with your plan. |
Out of Network |